Armored Vehicle Market to Reach USD 60.7 Billion by 2029

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Armored Vehicles Market Worth 60.7 billion
by 2029 - Exclusive Report by
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NEWS PROVIDED BY MarketsandMarkets ? 03 May,
2024, 1030 GMT
CHICAGO, May 3, 2024 /PRNewswire/ -- The Armored
Vehicle Market is valued at USD 51.6 billion in
2024 and is projected to reach USD 60.7 billion
by 2029, at a CAGR of 3.3 from 2024 to 2029
according to a new report by MarketsandMarkets.
The market experiences growth and evolution
driven by various factors. Rising geopolitical
tensions and terrorism prompt nations to enhance
defense capabilities, fueling demand for armored
vehicles. Global military modernization programs,
aiming to replace aging fleets with advanced
technology-equipped vehicles, boost market
demand. Innovations in armor materials, vehicle
design, and weapon systems attract investments
and propel market growth.
? MarketsandMarkets
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325 Tables 78 Figures 326 Pages
Ammunition Market Report Scope By clicking
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Report Coverage Details
Market Revenue in 2024 51.6 billion
Estimated Value by 2029 60.7 billion
Growth Rate Poised to grow at a CAGR of 3.3
Market Size Available for 20202029
Forecast Period 20242029
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Platform, Type, Systems, Mode of Operation, Point of sale and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge Hardware and software malfunctions
Key Market Opportunities Rising technology integration and upgrades in military vehicles
Key Market Drivers Increasing demand for armored vehicles to tackle cross-border conflicts
Based on the platform, the combat vehicles
segment is estimated to hold the highest market
share during the forecast period Based on the
platform, the combat vehicles segment is
estimated to lead the armored vehicles market
from 2024 to 2029. This growth is fueled by
increasing global security concerns, geopolitical
tensions, and military modernization initiatives
across various regions. Combat vehicles, equipped
with advanced technology, enhanced firepower,
and superior mobility, are vital assets for
modern military operations, driving their
prominence in defense procurement programs.
Additionally, ongoing conflicts and evolving
battlefield scenarios necessitate the continuous
development and deployment of combat vehicles,
further contributing to their significant market
share and growth potential. Based on mobility,
the wheeled segment is estimated to hold the
highest market share during the forecast
period. Based on mobility, the wheeled segment
is estimated to hold the highest market share
during the forecast
period. Wheeled armored vehicles (WAVs) offer
advantages in terms of cost-effectiveness, as
they are generally more affordable to acquire
and maintain compared to tracked vehicles.
Additionally, WAVs
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provide superior mobility and deployment
flexibility, as they can be easily transported
over long distances by road or air and offer
better maneuverability on various terrains,
especially in urban environments. Their modular
design allows for customization to suit different
mission requirements, making WAVs versatile for a
range of applications, including law
enforcement, internal security, and emerging
market needs. While tracked vehicles still hold
certain advantages in off-road capability and
armor protection, the rise of WAVs
reflects a shift towards moBryeclaicgkiinleg
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id6322755 Based on regions, the Asia Pacific
accounts for the largest market share in Armored
Vehicles market. Based on region, the Asia
Pacific market is estimated to account for
largest market share during the forecast period.
The Asia Pacific region's dominance in the
armored vehicle industry is bolstered by several
factors, including geopolitical tensions, robust
economic growth, evolving warfare dynamics,
internal security challenges, and significant
contracts secured by key players. Territorial
disputes and nuclear threats, coupled with
increasing defense budgets, drive nations to
procure advanced armored vehicles to strengthen
their military capabilities. Furthermore, key
players in the market, such as General Dynamics,
BAE Systems, and Hanwha Defense, have secured
substantial contracts in the region,
contributing to the proliferation of armored
vehicles. These contracts not only enhance
regional security but also stimulate market
growth by fostering innovation and technological
advancements. Collectively, these factors
position the Asia Pacific region as a pivotal
player in the global armored vehicle market. Key
Players The Armored Vehicles companies is
dominated by a few globally established players
such as Rheinmetall AG (Germany), General
Dynamics Corporation (US), Oshkosh Corporation
(US), BAE Systems (UK), and Hanwha Defense
(South Korea). Get 10 Free Customization on
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